| Schedule of loans payable and interest expense |
The Company’s loans payable consist of the following (in thousands, except monthly payment):
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| Property/Description |
|
Monthly Payment |
|
Interest
Rate |
|
Maturity |
|
December 31,
2022 |
|
December 31,
2021 |
| Cypress Shopping Center |
|
$ |
34,360 |
|
|
4.70 |
% |
|
July 2024 |
|
$ |
5,903 |
|
|
$ |
6,031 |
|
| Port Crossing |
|
$ |
34,788 |
|
|
4.84 |
% |
|
August 2024 |
|
5,641 |
|
|
5,778 |
|
| Freeway Junction |
|
$ |
41,798 |
|
|
4.60 |
% |
|
September 2024 |
|
7,273 |
|
|
7,431 |
|
| Harrodsburg Marketplace |
|
$ |
19,112 |
|
|
4.55 |
% |
|
September 2024 |
|
3,186 |
|
|
3,267 |
|
| Bryan Station |
|
$ |
23,489 |
|
|
4.52 |
% |
|
November 2024 |
|
4,136 |
|
|
4,226 |
|
| Crockett Square |
|
Interest only |
|
4.47 |
% |
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December 2024 |
|
6,338 |
|
|
6,338 |
|
| Pierpont Centre |
|
$ |
39,435 |
|
|
4.15 |
% |
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February 2025 |
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7,716 |
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|
7,861 |
|
| Shoppes at Myrtle Park |
|
$ |
33,180 |
|
|
4.45 |
% |
|
February 2025 |
|
5,615 |
|
|
5,757 |
|
| Alex City Marketplace |
|
Interest only |
|
3.95 |
% |
|
April 2025 |
|
5,750 |
|
|
5,750 |
|
| Brook Run Shopping Center |
|
Interest only |
|
4.08 |
% |
|
June 2025 |
|
10,950 |
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|
10,950 |
|
| Beaver Ruin Village I and II |
|
Interest only |
|
4.73 |
% |
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July 2025 |
|
9,400 |
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|
9,400 |
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| Sunshine Shopping Plaza |
|
Interest only |
|
4.57 |
% |
|
August 2025 |
|
5,900 |
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|
5,900 |
|
| Barnett Portfolio (2) |
|
Interest only |
|
4.30 |
% |
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September 2025 |
|
8,770 |
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|
8,770 |
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| Fort Howard Shopping Center |
|
Interest only |
|
4.57 |
% |
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October 2025 |
|
7,100 |
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7,100 |
|
| Conyers Crossing |
|
Interest only |
|
4.67 |
% |
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October 2025 |
|
5,960 |
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5,960 |
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| Grove Park Shopping Center |
|
Interest only |
|
4.52 |
% |
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October 2025 |
|
3,800 |
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|
3,800 |
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| Parkway Plaza |
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Interest only |
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4.57 |
% |
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October 2025 |
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3,500 |
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3,500 |
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| Winslow Plaza |
|
$ |
24,295 |
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|
4.82 |
% |
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December 2025 |
|
4,409 |
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|
4,483 |
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| Tuckernuck |
|
$ |
32,202 |
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|
5.00 |
% |
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March 2026 |
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4,915 |
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|
5,052 |
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| Chesapeake Square |
|
$ |
23,857 |
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4.70 |
% |
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August 2026 |
|
4,106 |
|
|
4,192 |
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| Sangaree/Tri-County |
|
$ |
32,329 |
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4.78 |
% |
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December 2026 |
|
6,086 |
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|
6,176 |
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| Riverbridge |
|
Interest only |
|
4.48 |
% |
|
December 2026 |
|
4,000 |
|
|
4,000 |
|
| Franklin Village |
|
$ |
45,336 |
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4.93 |
% |
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January 2027 |
|
8,144 |
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8,277 |
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| Village of Martinsville |
|
$ |
89,664 |
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4.28 |
% |
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July 2029 |
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15,181 |
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15,589 |
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| Laburnum Square |
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Interest only |
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4.28 |
% |
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September 2029 |
|
7,665 |
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7,665 |
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| Rivergate (3) |
|
$ |
100,222 |
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4.25 |
% |
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September 2031 |
|
18,003 |
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|
18,430 |
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| Convertible Notes |
|
Interest only |
|
7.00 |
% |
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December 2031 |
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33,000 |
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33,000 |
|
| Guggenheim Loan Agreement (4) |
|
Interest only |
|
4.25 |
% |
|
July 2032 |
|
75,000 |
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|
— |
|
| JANAF Loan Agreement (5) |
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Interest only |
|
5.31 |
% |
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July 2032 |
|
60,000 |
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|
— |
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Guggenheim-Cedar Loan Agreement (6)
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Interest only |
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5.25 |
% |
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November 2032 |
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110,000 |
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— |
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| Patuxent Crossing/Coliseum Marketplace Loan Agreement |
|
Interest only |
|
6.35 |
% |
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January 2033 |
|
25,000 |
|
|
— |
|
| Walnut Hill Plaza |
|
$ |
26,850 |
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|
5.50 |
% |
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March 2023 |
|
— |
|
|
3,145 |
|
| Litchfield Market Village |
|
$ |
46,057 |
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|
5.50 |
% |
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November 2022 |
|
— |
|
|
7,312 |
|
| Twin City Commons |
|
$ |
17,827 |
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|
4.86 |
% |
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January 2023 |
|
— |
|
|
2,843 |
|
| New Market |
|
$ |
48,747 |
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|
5.65 |
% |
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June 2023 |
|
— |
|
|
6,291 |
|
| Benefit Street Note |
|
$ |
53,185 |
|
|
5.71 |
% |
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June 2023 |
|
— |
|
|
6,914 |
|
| Deutsche Bank Note |
|
$ |
33,340 |
|
|
5.71 |
% |
|
July 2023 |
|
— |
|
|
5,488 |
|
| First National Bank |
|
$ |
24,656 |
|
|
LIBOR + 350 basis points |
|
August 2023 |
|
— |
|
|
789 |
|
| Lumber River |
|
$ |
10,723 |
|
|
LIBOR + 350 basis points |
|
September 2023 |
|
— |
|
|
1,296 |
|
| Tampa Festival |
|
$ |
50,797 |
|
|
5.56 |
% |
|
September 2023 |
|
— |
|
|
7,753 |
|
| Forrest Gallery |
|
$ |
50,973 |
|
|
5.40 |
% |
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September 2023 |
|
— |
|
|
8,060 |
|
| South Carolina Food Lions Note |
|
$ |
68,320 |
|
|
5.25 |
% |
|
January 2024 |
|
— |
|
|
11,259 |
|
| Folly Road |
|
$ |
41,482 |
|
|
4.65 |
% |
|
March 2025 |
|
— |
|
|
7,063 |
|
| JANAF |
|
$ |
333,159 |
|
|
4.49 |
% |
|
July 2023 |
|
— |
|
|
47,065 |
|
| JANAF Bravo |
|
$ |
35,076 |
|
|
5.00 |
% |
|
May 2024 |
|
— |
|
|
5,936 |
|
| JANAF BJ's |
|
$ |
29,964 |
|
|
4.95 |
% |
|
January 2026 |
|
— |
|
|
4,725 |
|
| Butler Square |
|
Interest only |
|
3.90 |
% |
|
May 2025 |
|
— |
|
|
5,640 |
|
| Total Principal Balance (1) |
|
|
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|
|
|
482,447 |
|
|
346,262 |
|
| Unamortized debt issuance cost (1) |
|
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|
(16,418) |
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(9,834) |
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| Total Loans Payable, including assets held for sale |
|
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|
|
|
466,029 |
|
|
336,428 |
|
| Less loans payable on assets held for sale, net loan amortization costs |
|
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|
|
— |
|
|
3,145 |
|
| Total Loans Payable, net |
|
|
|
|
|
|
|
$ |
466,029 |
|
|
$ |
333,283 |
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(1) Includes loans payable on assets held for sale, see Note 3. The loan agreements include customary prepayment penalties or defeasance costs, which can be incurred by the company when prepaying or defeasing loans.
(2) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons.
(3) October 2026 the interest rate changes to variable interest rate equal to the 5 years U.S. Treasury Rate plus 2.70%, with a floor of 4.25%.
(4) Collateralized by 22 properties.
(5) Collateralized by JANAF properties.
(6) Collateralized by 10 Cedar properties.
Interest payments on the Convertible Notes were made as follows (in thousands, except for shares )
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| For the years ended December 31, |
|
Series B Preferred
number of shares |
|
Series D Preferred
number of shares |
|
Convertible Note Interest at 7% |
|
Fair value adjustment |
|
Paid-in-kind Interest Expense |
| 2021 |
|
— |
|
|
113,709 |
|
|
$ |
885 |
|
|
$ |
725 |
|
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$ |
1,610 |
|
| 2022 |
|
1,511,541 |
|
|
— |
|
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$ |
2,310 |
|
|
$ |
1,429 |
|
|
$ |
3,739 |
|
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